The global tempeh market is predicted to rise at a 5% CAGR. The growing popularity of plant-based diets, greater knowledge of tempeh’s health advantages, and rising demand for convenient and healthy food options are driving the market.
Tempeh is a fermented soybean product that is high in protein and low in fat. It is a versatile component that may be used in a wide range of meals, such as stir-fries, curries, and salads. The growing number of tempeh brands and products accessible in supermarkets and online retailers is projected to further propel the industry.
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Customers feel that consuming tempeh and following a plant-based diet would improve their health and the environment, thus, demand for these products is quickly growing. Compared to tofu and other plant-based proteins, tempeh is a more expensive food. This could make it less appealing to some customers. The demand for plant-based foods like tempeh is rising as the world’s vegan population is expanding quickly. Vegans and vegetarians frequently choose tempeh because it is a rich source of protein and other nutrients.
Key Takeaways :
Germany Leads with Strong Growth: Germany establishes itself as a significant player in the international market, with a strong 5.9% value share in 2022.
India Advances: The Indian tempeh market has shown extraordinary growth, and in 2022 it will hold a sizeable 14.1% value share, indicating enormous potential and opportunity.
Stable Performance in the United Kingdom: With a respectable 5.4% value share in 2022, the U.K. retains a strong presence in the tempeh market, demonstrating stability and continuous development.
China’s Potential Position: Thanks to its substantial customer base, China is likely to hold a 4.4% value share of the worldwide tempeh market in 2022, indicating potential growth prospects.
Australia and Japan Display Resilience: The market for tempeh in Australia (2.6%) and Japan (3.6%) is expanding steadily, demonstrating the countries’ resilience.
Competitive Landscape:
Many small and major businesses are vying for tempeh market share in the fiercely competitive tempeh market. In the upcoming years, there will still be fierce rivalry in the tempeh industry. The rising demand for tempeh and the rising number of businesses joining the market are to blame for this. Businesses with distinct product offerings and excellent customer support are more likely to succeed in the marketplace.
Tempeh Queen:
Tempeh Queen: Based in Portland, Oregon, Tempeh Queen is a small, independent tempeh manufacturer. In 2009, two friends who were passionate about producing tasty and environmentally friendly tempeh launched the business. To make its tempeh, Tempeh Queen employs organic soybeans and a conventional fermenting method. Additionally, the business sells a range of tempeh items, such as burgers, crumbles, and skewers.
Noble Bean:
Since 1994, Noble Bean, a Canadian business, has been making tempeh. The business offers its goods in both the US and Canada. Noble Bean is renowned for producing premium tempeh using organic soybeans and a time-honored fermentation method. Additionally, the business sells a range of tempeh items, such as burgers, crumbles, and strips.
Small World Foods:
A company called Small World Meals makes a range of vegan meals, including tempeh. Two friends who were passionate about creating wholesome and sustainable food launched the business in 1989. To make its tempeh, Small World Foods uses organic soybeans and a conventional fermentation procedure. Additionally, the business sells a range of tempeh items, like as burgers, crumbles, and dogs.
Gardein:
Tempeh is one of the many plant-based foods produced by the firm Gardein. Two friends who were passionate about creating wholesome and sustainable food launched the business in 1995. To make its tempeh, Gardein employs organic soybeans and a conventional fermentation procedure. The business also sells a range of tempeh items, such as meatballs, nuggets, and breakfast burgers.
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Tempeh Market by Category:
By Source:
Soybean
Multi-grain
Others
By Nature:
Organic
Conventional
By Flavor:
Plain
Herbs & Spices
By Product Type:
Frozen
Fresh
Ready-to-eat
By Distribution Channel:
Direct
Indirect
Hypermarkets/Supermarkets
Convenience Stores
Food & Drink Specialty Stores
Traditional Groceries
Online Retailers
By Region:
North America
Latin America
Europe
East Asia
South Asia
Oceania
Middle East and Africa
Author
Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.
She has exceptional analytical skills and often brings thought leadership to the table.
Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India.
Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.
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